Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: cpt :: empanelment :: VAT Audit :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

Income tax department's intel unit to track evaders
March, 04th 2013

In no mood for showing leniency to tax dodgers, the government has activated a business intelligence unit at the income tax department's Vaishali office in Ghaziabad. The crack team will be headed by a senior officer drawn from the Financial Intelligence Unit to track big-time spenders who are yet to show up on the tax radar.


The new intelligence cell will be part of the systems department where finance minister P Chidambaram had last week inaugurated the central processing cell for all tax deducted at source (TDS). The crack team has been tasked to track suspicious individuals making huge expenditure but who have not been declaring income that could support such lifestyles.

Already, the cell has scanned over four crore highvalue transactions and linked it to people who have been identified through their Permanent Account Numbers (PAN). At least 12 lakh such PAN holders, whose expenditure far exceeds their income , have been put on surveillance and action has been initiated against many.

The department has taken the help of the I-T's Directorate of Criminal Investigation to send out notices to 35,000 such individuals and more are in the process.

On Sunday, finance minister P Chidambaram said the government will not offer any amnesty to income tax evaders. "In income tax, there is no case for amnesty. We have a huge amount of data which is being mined. Therefore, there is no case for amnesty today," he told a news agency, adding that almost all returns were online and it was easy for the department to ascertain who was spending what and earning what.

The nodal cell has been converted into an online monitoring system and will capture the response, take follow-up action and track return filing and tax payment. The cell has used information received from Cash Transaction Reports (CTRs) of FIU as part of this data matching exercise.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions